In a small saucepan, combine the sliced peaches and their syrup (or a splash of water if using fresh peaches), the light brown sugar, and the ground cinnamon. Bring to a gentle simmer over medium heat, stirring until the sugar dissolves and the aroma of peach and cinnamon rises.

In a small bowl, whisk the cornstarch with the tablespoon of water to make a slurry; stir this into the simmering peaches and continue to cook until the mixture becomes glossy and thick enough to hold a spoonful on top.

Remove from heat and cool completely—chill if you can, so the filling sets and flavors meld.

Beat the softened cream cheese until satin-smooth.

Add the powdered sugar and vanilla extract, then beat again until fully incorporated and fragrant.

Pour in the heavy cream and whip just until the mixture becomes light and billowy—soft peaks that still hold texture.

Place the filling in the refrigerator to firm slightly while you fry the donuts.

Heat vegetable oil in a deep fryer or heavy-bottomed pot to 350°F (175°C).

Press a small hole through the center of each biscuit round to create a ring for even frying.

Carefully lower the prepared biscuit rounds into the hot oil, frying 1 and 1 half to 2 minutes per side, until they are a warm, even gold.

Use a slotted spoon to transfer them to paper towels to drain.

Slice each donut horizontally so you have a top and bottom.

Spread a generous layer of the cheesecake filling on the bottom half, then spoon a small pool of the cooled peach filling into the center—leaving a rim.

Gently set the top back on.

Mix the powdered sugar with 1 to 2 tablespoons of milk until pourable but thick.

Drizzle the glaze across the tops, sprinkle with graham cracker crumbs, and dust lightly with cinnamon.